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Discontinued Operations
 9 Months Ended
Sep. 30, 2015
Discontinued Operations [Abstract]  
Discontinued Operations

 

Note 4.  Discontinued Operations

 

On February 2, 2015, the Company sold Huntingdon Plaza, located in Huntingdon, Pennsylvania, for $2.2 million. Upon the sale of Huntingdon Plaza, the Company has no other properties for which the results are classified under the prior accounting guidance for discontinued operations. The following is a summary of the components of income from discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2015

 

2014

 

2015

 

2014

REVENUES

 

 

 

 

 

 

 

 

Rents

 

$                         - 

 

$              109,000 

 

$                38,000 

 

$           2,589,000 

Expense recoveries and other

 

 -

 
16,000 

 
1,000 

 
893,000 

Total revenues

 

 -

 
125,000 

 
39,000 

 
3,482,000 

EXPENSES

 

 

 

 

 

 

 

 

Operating, maintenance and management

 

 -

 
26,000 

 
20,000 

 
736,000 

Real estate and other property-related taxes

 

 -

 
19,000 

 
7,000 

 
536,000 

Interest

 

 -

 

 -

 

 -

 
631,000 

Total expenses

 

 -

 
45,000 

 
27,000 

 
1,903,000 

 

 

 

 

 

 

 

 

 

INCOME FROM OPERATIONS

 

 -

 
80,000 

 
12,000 

 
1,579,000 

 

 

 

 

 

 

 

 

 

IMPAIRMENT (CHARGES)/REVERSALS

 

 -

 
(441,000)

 
153,000 

 
(316,000)

 

 

 

 

 

 

 

 

 

GAIN ON EXTINGUISHMENT OF DEBT OBLIGATIONS

 

 -

 

 -

 

 -

 
1,423,000 

 

 

 

 

 

 

 

 

 

GAIN ON SALES

 

 -

 

 -

 

 -

 
7,963,000 

 

 

 

 

 

 

 

 

 

TOTAL (LOSS) INCOME FROM DISCONTINUED OPERATIONS

 

$                         - 

 

$            (361,000)

 

$              165,000 

 

$         10,649,000